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on ways we can solve the fiscal cliff while the same time growing this economy. the goal of this republican majority is to solve the fiscal cliff once and for all and put us on a path to grow the economy. >> we are 34 days away from what would be the largest tax increase in american history, and the speaker boehner and the republicans have put forward a balanced plan that would prevent that from happening and not devastate our economy at a time when our economy continues to struggle and people are having a tough time finding work. we need to take action that will insure that small-business owners all across this country continue to be able to survive. many have said that the president's approach in raising taxes would act to devastate the economy. ernst and young estimated jobs lost -- a plan that would cut nearly 1 million jobs is a nonstarter. we are working to find a better way. a common-sense way. we can raise tax revenue by simplifying the tax code, not increasing tax rates. we can address wasteful government spending that jeopardize an hour commitments in the nation
of our fragile economy hangs in the fiscal cliff balance, for that let's turn to our distinguished guests. peter goodman. he's the huffington post business editor on a former "new york times"man. we welcome back republican congresswoman nan hayworth and haddy heath, senior policy analyst with the independent women's forum. okay. so mcconnell laughed at the tim geithner proposal. and john boehner says we're at a stalemate. and president obama himself is kind of getting ugly about this enemy's list. we've seen this before from him. my proposal is, republicans have to come with a counter offer. right now. there's no point in blasting obama. just a counter offer. i want to read from today's newspaper. this is what mitch mcconnell said. "higher medicare premiums for the wealthy, an increase in the medicare eligibility age, and a slowing of costs of living increases for programs like social security. and then republicans would agree to include more tax revenue in the deal but not from higher tax rates." now, let's just look at this for a second. we'll go to you first, nan. he wants medicare eli
the fiscal cliff? >> everybody agrees. >> going over the fiscal cliff will hurt our economy and will hurt job creation in our country. >>er -- every family in america will see their taxes automatically go up at the beginning of next year. >> shepard: so how to avoid that. >> the president and congress will either fail together or we will succeed together. >> there has to be a deal. there has to be an agreement. >> and if they can't come up with a compromise, we are all going to pay the price. plus, they are some of the biggest names in baseball. bonds, clemens, sosa. all three tainted by accusations they used performance enhancing drugs. but should that keep them from cooper's town? tonight, the great debate over baseball's hall of fame ballot but first from fox this wednesday night, the president hopes who have the framework of a deal to avoid the so-called fiscal cliff by christmas. president obama says he would like congress to pass a bill even sooner to extend tax cuts for the middle class families. and he invited some of those middle class americans to the white house today to help make
on the debt. >>> all the numbers indicate that going off the fiscal cliff would hurt the u.s. economy in the short term. but could it be the best thing in the long run? going off that fiscal cliff. to this point most of the conversation has been focused on what happens in january, and for good reason. there's no deal in congress. tax rates go up for a lot of folks, all americans. and a $1.2 trillion worth of defense and spending cuts will be automatically enacted. excuse me, that fiscal cough i told you about. the alternative minimum tax kicks in and put it all together and the results are pretty. the economy would contract by half a percent in 2013. unemployment would raise to 9.1% and the economy would experience what cbo said would be judged as a recession. but after that, then things start to look pretty good. the cbo says after next year by the agency's estimates economic growth will pick up. the labor market will strengthen returning output to its potential level. 5.5% by 2018. essentially if no deal is struck, the federal government would be forced to do what it's refused to do
it matters to your point what happens with the fiscal cliff. the economy is at stalemate. unemployment, we look at jobs report tomorrow, is dismal. we're liking inflationary environment down the road. this is bad news. >> you could could make the argument invite blowing past short term helpful, long term payne full. melissa: spending cuts, tax hikes are very dramatic going over the cliff. when you look at numbers, still is like five to one raising taxes to cutting spending. >> that's right. melissa: no one is really talking about cutting spending. isn't that the first thing you would do? if your fiscal house was in such disarray, household at home, first thing you do is stop spending. no one is doing that. >> what scares me, is that point. whether you agree or disagree hiking taxes i am not a fan of it but i think it will come. we can get past this. charlie gasparino and i have argued this. one of the consequences of the election the president will probably get his way raising most rates. melissa: right. >> i'm not saying i'm a fan. let's get past that, let's make it happen. republicans re
need to have fundamental tax reform tied in to the fiscal cliff negotiations or we are never going to get anywhere on that front and that is dragging the economy down. i think taxes have to be higher. $400 billion out of medicare is about what gets cut every year anyway. medicare has been cut from the baseline every year in budgets for as long as i can remember. [talking over each other] connell: that the democrats would sign on to? what number could you get if you had $400 billion? >> something that addresses the fact that there are $40 trillion in unfunded medicare liabilities over the rest of this century. i am adding that up, $400 billion doesn't get it done. connell: have to remember these things are stretched over ten years. in one case it was 12 years and we thought was 10. steve murphy, thanks for coming on. dagen: the u.s. embassy meantime in egypt now closed amid protests in the country against president mohammad morsi. voting has started on the new constitution. kc mcfarland, formerly distance secretary of defense and fox news national security analyst, great to see you.
back in place. it depends on how much you think going over the fiscal cliff will affect the economy. others say it will be devastating and others say it will be back. it depends on where you stand when you are making these sort of analyses. megyn: it feels like we are left with the economy -- with people's livelihoods and growth in the country and salaries and unemployment benefits. we are just left. both sides are accusing the other of being the untethered risk taker. last night speaker boehner made remarks demanding leadership on the president. here he is. >> this is not a game. jobs are on the line. the american economy is on the line. this is a moment for adults leadership. megyn: is there a political risk to the president? is there a political risk to him in looking a little too bashful little too smart, as they say, when it comes to this game? >> sure, there are political risks all around for both sides. he saw the president today. he has been doing this and will be doing more of it. trying to clean outside game and put pressure on and make the public put pressure on members o
of his own party seem quite comfortable in sending the economy over the fiscal cliff. two weeks ago we had a very productive conversation at the white house. but based on where we stand today i would say two things. first, despite the claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. and secondly, no substantive progress has been made in talks between the white house and the house over the last two weeks. listen, this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. host: up next on the proposal that was offered by the white house on the fiscal cliff. this is jon. independent line. hello. caller: hello. first of all, happy holidays. not sure. happy holidays, anyway. second of all, you people are journalists. you people are true journalists. i watch every day of the week. and one more thing, that fool that called yesterday, must be a product of inbreeding the way -- i don't know how they let him in. host: before we go back to yesterday, what do you th
with sending the economy over the fiscal cliff. >> the speaker's remarks riled the left and provoked this response from senate majority leader harry reid. >> he says that democrats have got to get serious about cuts, spending cuts. where is the disconnect, then? >> i don't understand his brain, so you should ask him. okay? >> with only a handful of legislative days left on the congress's calendar before the looming fiscal cliff becomes a raw reality, will the president and house gop find a way over the latest road black and back to the bargaining table? >> why did the white house decide to have this as their opening volley when they knew the response would be a negative one that they drew? >> was it hardball opening? yeah, of course it was. the question is, what's the counteroffer? >> i would imagine there has to -- tim geithner is too smart of a guy in this administration is filled with smart people. they must have a serious strategic plan. >> let's get straight into this and joining me now is senator barbara boxer, democrat from california. senator, it is great to have you with me
the threat of the fiscal cliff is already hurting our economy. and, i believe raising tax rates hurts our economy and the prospects for more jobs in our country and the president may disagree but the fact is if there is another way to get revenue from upper income americans that doesn't hurt our economy, why wouldn't we consider it? >> chris: what if we go over the cliff? doesn't thethe cards, then? can he say, all right, everybody's taxes increased and i'm offering 98% a tax cut of $2,000 a year, you are the party of lower taxes, are you going to refuse to cut people's taxes? >> listen, nobody wants to go over the cliff. that is why the day after the election i tried to speed this process up by making a concession to put revenues on the table. and it is unfortunate that the white house spent three weeks doing basically nothing. >> chris: you have been around this time, a long time and have been through a lot of negotiations. what is their game? what is their thinking as to how they will work -- well, they figure they won and they will get what they want? >> i have no idea, chris. if i kn
of volatility we're going to see or the kind of effects the fiscal cliff could have on the economy here, mark? >> honestly, we're essentially sector agnostic with we talk about managing money on a five-year duration for our clients. when you look at some of the master limited partnerships that are out there, the kinder morgans, specter energy looks like a good play. we're looking at the 4% to 5% yielders, companies that have a good track record of increasing those yields. we're sticking more with consumer staples. we're definitely tilted towards that defensive end. but we're going to stay there. as long as growth is slow, that's where we feel we can get the best risk adjusted returns for our clients. >> all right. thanks for joining us. mark, good to see you. rick, have a good weekend. gordon, have a good time at the beacon tonight. we're less than an hour from the trade month. kayla rounds up november's big winners and losers. >> hey, bill. the indices may have danced along the flat line for the entire month, but there were clear winners and losers on either side of the tape. to the downside
goal is to let this country go over the fiscal cliff because he wants the economy to fail because he wants president obama to fail. john boehner, again, i think the worst speaker ever, it's a time for leadership, not for playing political games. american people have spoken. this is a time for leadership. i think if john boehner is unwilling to lead, we've got to put pressure on him to get the hell out of the way. fish or cut bait. get the hell out of the way. he has no backbone. he has no balls. he is a lousy, lousy leader. he is a looser. i think we ought to start putting the pressure on him. let's pick a fight today with john boehner. it's not picking a fight with boehner. it's just doing something to save this country. so, peter, how do people -- i call on you join me in call okay john boehner lead or get out of the way. >> peter: if you want to send him an e-mail speaker.gov/contact. you can send it to him. if you are on twitter >> bill: speaker.gov spiritists we are tweeting this as well. if you are on twitter he is tweeting @speakerboehner,
effects for business travel if the economy falls off the fiscal cliff? the gbta predicts the reduced deficits and lower interest rates will lead to growth in the economy and an increase in business travel spending. >>> welcome back. now to the weather channel. reynolds wolf is standing by. what is happening around the country today? >> the story is all west. everything is taking place out west. rain, some strong winds, even some snow. some places snow getting up to around 2, 3 feet, but that is high elevation. but for the eastern seaboard, pretty quiet p. temperatures very mild this time of year. when you get into the center of the u.s., still fairly mild conditions. a bit cooler as you might imagine in spots up like towards the twin cities and even over towards chicago. but then out west, that's where the trouble really brews. it's that time of year that there's norm lay big area of high pressure that sets up off the west coast. that's gone and that allows all the pacific moisture to come through. high snow will be an issue. rain in seattle. so how is it going to affect your travel?
. the president yesterday on the fiscal cliff. >> obama: let's allow higher rates to go up for the top 2% that includes all of you guests but not in anyway that is going to affect your spending, your lifestyles or the economy in any significant way. let's make sure that 98% of americans don't see a single dime in tax increases next year. 97% of small businesses don't see a single dime of tax increases next year and by doing that alone we raise almost a trillion dollars. [♪ "world news tonight" theme ♪] >> stephanie: associated press says the white house is signalling president obama is willing to let the country go over the cliff. this is a choice of the republican party if they are willing to do higher rates on the country, there is a lot to talk about, if they are not, they will push us over the cliff. tim geithner said there is no prospect in an agreement that doesn't include the tax rate going up on the top 2% of americans. he said we are not prepared to have the american economy held hostage to periodic threats. >> there you go. >> stephanie: and he point
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one month until the economy is set to go off the fiscal cliff. trading fire over looming tax hikes and spending cuts that threaten to plunge the economy into recession. affecting the lives of every single american. hello, everyone. i'm heather childers. welcome to another hour of america's headquarters. >> gregg: i'm gregg gregg jarrett. president obama is promoting his so-called balanced approach. republican leaders say the president's plan leaves the budget talks at a stand still. >> we've got some agreements about the high end tax cuts. republicans don't want to raise taxes on folks like me. i think i can pay a little bit more. >> they want to have this extra spending that's actually greater than the amount they're willing to cut. i mean, it was not a serious proposal. so right now we're almost nowhere. >> gregg: steve centanni has more. >> the two sides taking verbal pot shots, but not really coming to any kind of agreement adds the clock continues ticking. the president hit the road yesterday using a campaign style appearance in pennsylvania to appeal directly to the american
the biggest thing we need to do to grow our economy. let's quit having these fiscal cliffs. and let's not be threatening government shut downs. let's sit down in a good faith effort and that's what president obama is not doing. he's back on the campaign trail which will is unfortunate. he should be in washington here sitting down in a good faith effort to try and grow the economy. because that's ten times more effective. >> senator, what are the odds that you think we reach an agreement before january 1st? >> that's just hard to say. there are enough republicans that are showing a willingness and i'm certainly willing to sit down with anybody who is willing to negotiate in between faith. my guess is we probably will get it solve, but i hope item not done in a way that harps tms th economy. but the president has to show us his balanced plan. >> as you said yourself, probably not the way to do to negotiate either on television or in front of everybody. that's probably happening behind the scenes. >> becky, that's not negotiating. that's called putting your plan on the table. republica
. so the question is is the president serious about avoiding the fiscal cliff. we know pain in this country is bad on the economy. it would only broad and deep fn we hit a double dip recession. is the president serious about avoiding that cliff and if not, why not. i think some people are wondering -- megyn: do you think it is a matter of principle for the president? chris fire walt cam -- chris stt with a piece to say it's an ideological commitment on the part of the president to make the rich pay more and to give others more. for him it's an ideological mission to take the money from high income and give to it people who don't have as much. >> i agree with chris he said that. that's what he wants to do. but the curious part to me is you had quite a few lawmakers on the republican side of the isle start t --side of the aisle stao crack. they are willing to come to table and play ball. but the president is on the campaign trail and upping the states with totally ludicrous suggestions and plans like the one if you can call it that, the one he put out last week which is totall
book dentist appointment or pull a hamstring and let him get his way and own the fiscal cliff debacle. >> eric: it's not a bad call. this could be terrible for the economy and hurt jobs and businesses. but honestly, if you are ready, america, if you are ready, hold your nose, take a deep breath and take the medicine. it will fix the problem and the deficit problem as long as everything in the fiscal cliff happens. as long as sequestration happens it will hurt defense. tax rate goes up. eventually you will get someone out, to get that president out and get president who wants lower tax rates and congress that wants the lower tax rate and maybe a senate. it would hurt dramatically. best time to do it is now. >> andrea: there are two schools of thought here. one if you follow twitter or watch republicans who are on the pundit circle, they say let them go off cliff and let obama own that. there is another one that says just let him have what he wants and then when the economy nose dives he will have to own it. republicans are going to get blamed anyway. do you feel strong about either one
and washington continues to push america's economy toward a fiscal cliff. republicans offered president obama a proposal that retained the bush tax cuts for the wealthy, and now they say the ball is in the president's court. >> this week we made a good faith offer to avert the fiscal crisis. now we need a response from the white house. we can't sit here and negotiate with ourselves. >> both sides promise to cut trillions from government spending over the next decade, but the republicans insist they can do it without raising taxes on the rich. president obama insists that's a nonstarter. he shared his message with rich folks at the business round table. he told them they could handle paying more in taxes. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that will affect your spending, your lifestyles, or the economy in any significant way. >> business round table is a lobby group made up of some of the country's biggest ceos, ceos of some of the country's bigg gt companies. if you don't know what the fiscal cliff is, you've probably been li
leads us away from jobs and growth. the reason the fiscal cliff is dangerous is because it's too much deficit reduction too quickly that would suck demand out of the economy. more jobs and growth will help the deficit. recall the '90s when the clinton administration balanced the budget because of faster job growth than anybody expected bringing in more tax revenues than anyone had forecast. europe offers the same lesson in reverse. thank you. as jim says, every time we talk about this, they keep taking the wrong -- lindsey graham said we're going to be greece. yeah, if we do what you want! the best way to generate jobs and growth is for the government to spend more, not less. and for taxes to stay lor owe become lower on the middle class. so you know, just -- >> roosevelt made that mistake in 1937 when the deficit hawks were saying we gotta slow this thing down. things started reverting to the depression era. levels and he quickly changed course. >> stephanie: rise finishes by saying most of the media have boug
on the fiscal cliff negotiations. >> increasing tax rates draws money away from our economy that needs to be invested in our economy to put the american people back to work. it's a wrong approach. >> stephanie: which one was that? >> that was six. >> stephanie: okay. no, i wanted 8. >> the white house spends three weeks trying to develop a proposal and they send one up here that calls for $1.6 trillion in new taxes. calls for a little -- not even $400 billion in cuts and they want to have this extra spending that's actually greater than the amount they're willing to cut. it was not a serious proposal. >> not serious. >> so right now we're almost nowhere. >> stephanie: here's the reason why we're almost nowhere. [ ♪ "world news tonight" ♪ ] boehner declines to name certain entitlement cuts. asked what specific cuts over the fiscal cliff he pointed reporters to previous budgets declining to name further -- >> stuff. >> stephanie: then he said there is a stalemate because -- >> stalemate. do not put anything on the
ramifications if we go over the fiscal cliff. listen to what he just told me. >> in the global economy as a whole, there's a lack of confidence, there's a worry about where it's going. if you can sort out this issue, then even though that doesn't sort out all the problems of the american or global economy, it would be a big boost, i think. >> i think everyone wants to avoid going over the fiscal cliff, although there are an increasing number of democrats who say we'll go over the fiscal cliff, the republicans will be blamed for that. that will be good for the democrats. >> this is not about politics but about fairness and making sure when it comes to, as prime minister blair said, when it comes to making sure we give the global economy the certainty it needs and the stability that it needs, we have to reach an agreement so we don't go over the fiscal cliff. but quite frankly, president obama made it very clear, democrats have made it clear and the american people made it clear there has to be a balanced plan that cannot balance our reduction on the backs of the middle class. we're read
's economy goes over the so-called fiscal cliff. the white house and congressional republicans said to be deadlocked. president obama released his plan. it includes 1.6 trillion dollars in new tax increases. 50 billion in new stimulus spending. and stimulus, and new power to raise the debt ceiling without congressional approval. tim geithner, john boehner appearing with chris wallace on fox news sunday. >> we're nowhere, period. we're nowhere. we put a serious offer on the table by putting revenues up there to get this question resolved but the white house has responded with virtually nothing. they have actually asked for more revenue than they have been asking the whole entire time. >> in kind of a tough position now. it is going to be, obviously a little hard for them now. they're trying to figure out where they go next. we might need to give them a little more time to let them go next. we did what you expect from us. we laid out a very detailed, carefully designed set of spending savings and tax changes that help put us back on a path to fiscal responsibility. bill: where are we
. appreciate it. the battle over the fiscal cliff, certainly heating up. house speaker john boehner says the two sides are at a stalemate. no big surprise. while president obama says the only thing holding up the deal is quote a handful of republicans. here we go again. peter barnes in washington with the latest on the stalemate. peter? >> that's right, ash. speaker boehner said a stalemate, quote, let's not kid ourselves for punctuation. he and the president were both out in front of cameras today to try to convince voters that both of them are ready to keep talking. >> i'm willing to move forward in good faith. our original framework still stand. instead of raising tax rates we can produce similar amount of revenue, reforming the tax code to close loopholes and lower tax rates. >> this is not some run-of-the-mill debate. this isn't about which political party can come out on top in negotiations. and all of us will have to get out of our comfort zones to make that happen. i'm willing to do that. i'm hopeful that enough members of congress in both parties are willing to do that as well.
to take americans over the fiscal cliff. >> this is a thelma and louise crowd and want higheraxes and bigger government regardless of the impact on jobs and economy and america's standing in the world. >> gretchen: who could the fiscal cliff jumpers be. matt is editor in chief of the washington weekend. he's my guest. good morning. >> good morning. >> gretchen: who wants to go off of the cliff and die. >> buckle your seat. important senator is patti murray in charge of the democrat campaign committee. she got put in the position thinking it was not a good year for democrats and she turned into one. that gave her clout in the democratic caucus. when she gave a speech saying we could make a more liberal deal if we go off the cliff democrats started listening. >> gretchen: senator harry reid want to go off the cliff. >> he's playing the double game. he want to look like a deal make yer support the president. but so many democrats have a strange idea of compromise. it is all right. give me everything and i will do nothing. what we are seeing from the democrats, republicans you cave on
our economy. how to deal with them in a responsible way, get us passed this fiscal cliff, passed in august, only plan in washington, d.c., to prevent these debilitating tax increases from hitting across all of our family owned small businesses. finally, mr. speaker, h.r. 6365, it's the national security and job protection act. we passed that in september. that's the bill that looks specifically at these coming defense cuts. these cuts that secretary of defense leon panetta has called devastating in their impact. i know you do, mr. speaker, leon panetta, former chief of staff to president bill clinton, former chairman of the democratic-led budget committee here in the u.s. house of representatives, current secretary of defense calls these defense cuts devastating. this u.s. house has passed a proposal to prevent that second round of cuts from taking place. it's the only proposal anywhere in this town to have passed. we did in august. we took care of our business and we have yet to have partnership from either the white house or the senate. on that proposal. we took the sequester r
who argue that we should go off the fiscal cliff, that it will push them to negotiate a sort of more thoughtful deal -- >> right. >> -- they say that it's not a fiscal cliff, it's, you know, more of a slope. having said that, what is your thought on the psychological impact if we go off the cliff? >> it's huge. it's tremendous. it's absolutely tremendous because it will go across the board from regular americans who are going to see their taxes go up from $500 to $2,000 for middle-income household. this is going to affect their bottom line tremendously. that's groceries. that's saving money. that's their savings money for the year. but also what about mortgage interest? will that affect the housing market? there may be initial -- basically, it will go back down again, the housing market. or if it gets phased in, maybe we'll see a jump because people will rush in before the deduction completely goes away. but i think there's a lot of concern and a lot of panic among regular americans about will i lose these tax deductions? and what's that going to do to the ability to pay all my bills
to the fiscal cliff. they gave themselves a ton of time to work this out. what would happen to the economy if a deal similar to the president's plan were to go into effect? fox business network stuart varney joins me right now. you listen to nancy pelosi. they made all kinds of painful concessions in order to just even put this first plan out there. melissa: look you put in place a plan like the president has proposed and it is a recipe for real economic trouble, maybe even a recession. martha, just for a second, take the politics out of this. consider where we're starting from. we have 8% unemployment, very slow growth and we have 3.5 billion added every day to our national debt. if you impose this massive tax increase and take away any restraint on the government borrowing of new money you're looking at potential higher unemployment, that the real danger you have runaway borrowing and set up what is called a debt crisis at some point in the future. this plan or anything like it, if it is imposed january the 1st is very bad news for the economy. martha: you know, democrats say republicans
the plan to avoid the fiscal cliff is a thelma and louise theory. >> we're trying to get these guys to come together and reach an agreement that's going to be good for the country and for the economy. >> then what now? with democratic senator mark warner and kelli ayote. benghazi and obama's second term. former hewlett-packard ceo carly fiorina. i'm candy crowley. and this is "state of the union." >>> republicans call -- sufficed to say, it is unacceptable to them. the president's opening round offer includes $1.6 trillion in new taxes, $400 billion in savings from medicare and other entitlement programs, $50 billion in new stimulus spending, and an additional $285 billion to fund depreciation and mortgage programs, unemployment insurance benefits, and payroll tax cuts. >> this extra spending, heats actually greater than the amount they're willing to cut. i mean, it's -- it was not a serious proposal. >> wile his aides were on capitol hill offering up the opening bid, the president was making his case in pennsylvania campaign style. >> at the end of the day a clear majority of americans, de
off with a recession. which is exactly what will happen if we go off the fiscal cliff. >> and he wants to solve this problem. i really believe if we solve this problem, the economy is going to take off. >> but solve it in a big way. don't you agree, governor? >> absolutely. >> we have to go big on this. >> we can't kick the can down the road. sorry we're taking the show over from you. >> i needed a breather, anyway, you're chairman of the fix the debt group. democrats at this point, do you think they are -- dealing seriously enough with entitlement reforms? >> i think some of them like senator durbin are, but there are a lot of people on left of our party, the progressive wing of the party, very progressive wing that haven't come to grips with what i said at the beginning and what susan echoed. that if we're going to ask the republicans to raise rates and raise, i think somewhere around $1.3 trillion in revenue, then we've got to give them something that their base cares about so they can do it. so they can actually make the deal and close the deal. i don't think we're aware of that ye
a game. that offer yesterday was not serious. thank you. >> next, nancy pelosi answers fiscal cliff questions. this is about 20 minutes. >> good afternoon. i'm here today with my colleague. i invited him here to be with us this afternoon because yesterday i named tim to be the head of the leadership task force of election reform. i believe how we do our policy is directly related to -- it has a direct impact on the policies that we create in congress. our founders risked their lives and liberties and their sacred honor for a government of the many and not government of the money. john larson is the perfect person in that regard. first, i want to talk about the subject at hand. the president has his pen in hand. he is ready to sign the middle class income tax. a similar bill was introduced into the house at that time. since then, we have been asking republican leadership to bring middle income tax cuts to the floor. the clock is ticking. it is important for the tax legislation to happen now. we are calling on the republican leadership in the house to bring this legislation to the flo
, new york. >>> starbucks ceo says going over the fiscal cliff is a bitter brew for the global economy. ali is back with more on that. >>> plus, time to buy apple stock? that's next. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ] can't find theraflu? try alka-seltzer plus for fast, liquid, cold, and flu relief. ♪ >>> democrats need to own up to taxes because they can't have their cake and eat it, too. from the cnn money newsroom, i'm ali velshi. this is "your money." i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use the
.5, that is a severe recession. >> if we go off the fiscal cliff with no policy changes the near-term negative economic consequences would be significant and most assuredly throw us into a recession. >> comes a day after treasury secretary tim geithner told cnbc the white house is prepared to go the distance if its demands are not met. >> if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again we see there's no agreement that done involve those rates going up on the top 2% of the wealthiest. remember it's only 2%. >> former senator alan simpson, co-founder of the fix the debt campaign, choice words and analysis for would-be cliff jumpers. >> when you have leaders of parties and people from the administration saying, i think it will be to the advantage of the democrats to go off the cliff, wealthy it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> surprising exactly no one, senator mitch mcconnell
to president obama's remarks in pennsylvania on the economy and the so-called fiscal cliff. he spoke to reporters on capitol hill. this is about 10 minutes. >> good afternoon, everyone. the president traveled to pennsylvania to visit a small business today to talk about the fiscal cliff. unfortunately, the president and members of his own party who were proposing that we let many small businesses -- as in hundreds of thousands of them -- go over the fiscal cliff. simply put, that's why we don't have an agreement as yet. they said yesterday, this is not a game. i used to be a small business owner. small business owners are regular men and women from all backgrounds who, in today's economy, are facing challenges on a daily basis. the president's tax increase would be another crippling blow for them while doing little to nothing to solve the bigger problem here, our national deficit and national debt. this debt doesn't exist because we don't tax small businesses enough, it exists because washington continues to spend too much and raising taxes on small businesses instead of taking a bal
the cliff, we need long-term fiscal reduction so businesses can plan for the future. to get families and businesses certain we must agree the next few weeks on specific spending cuts and specific revenue increases that reduced the deficit to avoid the fiscal cliff. we should not put off hard decisions of gimmicks or with triggers. that's what got us here in the first place. it's time to bite the bullet and make the tough decisions and make them now. the first thing we should do is immediately and permanently extend a middle-class tax cut. this will provide needed certainty to america's families and businesses and markets. this decisive action will ensure that millions of american families don't see attacks like of more than $2000 starting next month. in year-end agreement must also have a long-term extension of the debt ceiling. america cannot afford another debilitating to school showdown. it has to be a package deal. then we need to enact a long-term and comprehensive deficit solution. most serious plans recommend about $4 trillion deficit reduction over 10 years to restore fiscal
. thanks, guys. >>> in just a few minutes an inside look at the fiscal cliff fight on capitol hill. i'll speak with a member of the senate committees on finance and the budget. maryland democrat benjamin harden. >>> nbc news confirms nfl linebacker joe von belcher is suspected of committing a murder suicide. police say the 25-year-old member of the kansas city chiefs killed his girlfriend at her home before then driving to arrowhead stadium. and that is where team officials tried talking to belcher. police describe what happened next as the officers closed in. >> when the officers arrived, when they were pulling up they actually observed a blackmail who had a gun to his head. he was talking to a couple of coaches out in the parking lot, as officers pulled up and began to park that's when they heard the gunshot. it appears the individual took his own life. >> our nbc affiliate says belcher and his girlfriend had a 3-month-old old child now in family custody. what a tragedy there. >>> we also have breaking news from florida. that is where police are interviewing the bus driver who cause
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